Simons Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simons Garment

Question:

Simon’s Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simon’s Garment Company ends on December 31. Journalize the following transactions for Simon’s Garment Company.

a. Issuance of the bond payable at par on July 1, 2024.

b. Accrual of interest expense on December 31, 2024.

c. Payment of semiannual cash interest on January 1, 2025.

d. Payment of the bond payable at maturity, assuming the last interest payment had already been recorded.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Horngrens Financial & Managerial Accounting

ISBN: 9780136516255

7th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

See More Books

Question Posted: Aug 10, 2023 08:21 AM

See More Questions

Write sin(arccos2x+arcsinx) as an algebraic expression of x does not involve trigonometric functions.
Carter's preferred stock pays a dividend of $1.00 per quarter. If the stock's price is $45.00, what is it is nominal (not effective) annual rate of return?
Show that the equation x^(3)+4x^(2)-13=0 has a solution between the values x=1 and x=2.
Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000,...
What competencies best describe (a) Your college or university and (b) Your favorite restaurant?
Databases track varied forms of consumer data. How is this considered a privacy issue?
Why are product design, quantity to produce, and process design intimately related? LO.1
Effect of temporary differences on income taxes. Woodward Corporation purchases a new machine for $50,000 on January 1, 2008. The machine has a four-year estimated service life and an estimated...
A firm has revenues of $150,000, a contribution margin ratio of 35%, and fixed expenses that total $60,000. If revenues increase by $30,000, then
Modern Bikes balance sheet appears as follows (amounts in thousands): Use the following ratio data to complete Modern Bikes balance sheet. 1. Current ratio is 1.40. 2. Acid-test ratio is 0.45. Cash...
Mercia Corporation is authorized to issue 100,000 shares of common stock and 8,000 shares of preferred stock. During the first year ended 31 December 2024, Mercia Corporation completed the following...
How does the quality-based view differ from the traditional approach of managing quality by inspections?
As a project manager it is important to utilize the right tool at the right time. When it comes to managing quality on projects, this is no exception. Identify three 'Total Quality Tools' that you...
Describe 2 change models that you could use to create change in an organization. Choose 1 of the models that you think would be most successful in an organization, and analyze reasons why you chose...
During the current year, Rothchild, Inc., purchased two assets that are described as follows. Heavy Equipment Purchase price, $375,000. Expected to be used for 10 years, with a residual value at the...
Regarding the Mozilla case, assume that Communities of Practice start to arise spontaneously around topics that are related to the visualizations in the Portal at Mozilla. What do you think is the...
Regarding Issues That Affect Recruitment, how would you proceed as the assistant superintendent for human resources in a school district that is experiencing a shortage of qualified applicants for...
Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2017, she files her state income tax return for 2016 and pays an additional $1,000...
Should U.S. antidumping laws be stated in terms of average total costs or average variable costs?
A taxpayer sells a warehouse for a recognized gain. Depreciation had been properly claimed on the property, based on the straight-line method over a 39-year recovery period. Will the same amount of...
Osprey Corporation, a closely held corporation, has $100,000 of net active income, $25,000 of portfolio income, and a $120,000 loss from a passive activity. a. How much of the passive loss can Osprey...
Marmot Corporation pays a dividend of $100,000 in the current year. Otter Corporation, which is in the 25% marginal bracket, owns 15% of Marmots stock. Gerald, an individual taxpayer in the 25%...
A stock is expected to pay a dividend of $1.50 at the end of the year (i.e., D 1 = $1.50), and it should continue to grow at a constant rate of 10% a year. If its required return is 14%, what is the...
The Hobby Shop has a checking account with a ledger balance of $1,700. The firm has $2,400 in uncollected deposits and $4,200 in outstanding checks. What is the amount of the disbursement float on...
An investment will pay you $34,000 in 11 years. If the appropriate discount rate is 6.1 percent compounded daily, what is the present value? (Use 365 days a year. Do not round intermediate...

Simons Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simons Garment

Question:

Step by Step Answer:

a Issuance of the bond payable at par on July 1 2024 Date July 1 2024 Account Debit Credit Cash 1500...View the full answer

Horngrens Financial & Managerial Accounting

Students also viewed these Business questions